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Question
Find the compound interest, correct to the nearest rupee, on Rs. 2,400 for `2 1/2` years at 5 per cent per annum.
Solution
For 1st years
P = Rs. 2400
R = 5%
T = 1 year
I = `[ 2400 xx 5 xx 1]/100` = 120
A = 2400 + 120 = Rs. 2520
For 2nd year
P = Rs. 2520
R = 5%
T = 1 year
I = `[ 2520 xx 5 xx 1]/100` = Rs. 126.
A = 2520 + 126 = Rs. 2646
For final `1/2` year,
P = Rs. 2646
R = 5%
T = `1/2` year
I = `[2646 xx 5 xx 1]/[100 xx 2]` = Rs. 66.15
Amount after `2 1/2` years = 2646 + 66.15
= Rs. 2712.15
Compound interest = 2712.15 - 2400
= Rs. 312.15
= Rs. 312
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